The 2 groups getting fucked with the stay private longer trend are the LPs and the startup employees.

We should insist on public policy forcing public money into only public assets. It's the obvious sensible rule.

And company safes need to start including a clause where all classes of vested equity are offered buyouts in equal proportions. So VCs can't keep paying founders/each other on the way up while zeroing out common stock and eventually selling company IP for around the liquidity preference to some "totally unrelated" entity. Realistically this will only happen if YC gets onboard but I doubt Garry tan is the guy who can show this kind of spine.